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Bloomberg
The pound rose to a five-week high against a weaker dollar as investors covered short positions and UK manufacturing data beat expectations.
Sterling headed for its third weekly gain against the dollar and hit $1.32, as the greenback dropped against all its Group-of-10 peers. Data showed UK manufacturing rose in July for the first time this year, while the construction sector shrank for a fourth consecutive month.
“The market has been caught short by a bout of reasonable UK data as well as the realisation that Brexit is a lengthy process whose immediate impact on the pound is difficult to predict as yet,†said Valentin Marinov, head of foreign exchange strategy at Credit Agricole’s investment-banking unit in London.